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AfDB Approves 92.3 Million Euros to Improve Living Conditions in Tunisia

Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)
Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)
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AfDB Approves 92.3 Million Euros to Improve Living Conditions in Tunisia

Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)
Tunisian President Kais Saied meets with Italian Prime Minister Giorgia Meloni in Tunisia on April 17, 2024 (EPA)

The African Development Bank (AfDB) said on Tuesday it approved a financing package of 92.3 million euros to support business competitiveness and empower the Tunisian population through job creation, according to the German news agency, dpa.

The financing consists of a 90-million-euro loan from the Bank Group, and a grant of 2.3 million Euro under the Affirmative Finance Action for Women in African (AFAWA) initiative.

It aims to provide young people and women looking for work with the skills they need to access salaried jobs, to improve living conditions and promote economic inclusion through entrepreneurship and skills development.

The Tunisian government forecasts that the program could enable the creation of more than 118,000 formal jobs.

Tunisia struggles with economic difficulties that have led to a decline in public sector employment, due to a fiscal crisis, in addition to widespread unemployment among young people and university graduates.

The unemployment rate in Tunisia stands at 16.1% according to the latest data. The unemployment rate for youth in the 15-24 age bracket rose to 39.2% while the unemployment rate among people with a higher education degree reached 23.4%.

Last June, the European Union, the EIB, AFD Group and KfW announced a major joint investment of 270.9 million euros to support Tunisia's entrepreneurial ecosystem.

Also, two credit lines worth 170 million euros and 80 million euros, and 10.5 million euros for the Dhamen Express guarantee facility, were deployed to increase access to finance for MSMEs in Tunisia.

At least 30% of the funds from the EIB and 35% of those from AFD went to projects promoting social inclusion, targeting women, youth employment and less-favored areas, as well as the green economy and climate resilience.

This initiative underscored the commitment of the EU, the European Investment Bank (EIB), Agence Française de Développement (AFD) and Kreditanstalt für Wiederaufbau (KfW) to support projects that have a high social impact and promote the economic recovery of Tunisia’s micro, small and medium-sized enterprises (MSMEs), taking a Team Europe approach.

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Arab World

Israel Pounds Central Beirut, Suburbs after Major Evacuation Warnings

A damaged building is pictured through the wreckage of a vehicle, in the aftermath of Israeli strikes on Beirut's southern suburbs, amid the ongoing hostilities between Hezbollah and Israeli forces, Lebanon November 26, 2024. REUTERS/Mohammed Yassin
A damaged building is pictured through the wreckage of a vehicle, in the aftermath of Israeli strikes on Beirut's southern suburbs, amid the ongoing hostilities between Hezbollah and Israeli forces, Lebanon November 26, 2024. REUTERS/Mohammed Yassin
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Israel Pounds Central Beirut, Suburbs after Major Evacuation Warnings

A damaged building is pictured through the wreckage of a vehicle, in the aftermath of Israeli strikes on Beirut's southern suburbs, amid the ongoing hostilities between Hezbollah and Israeli forces, Lebanon November 26, 2024. REUTERS/Mohammed Yassin
A damaged building is pictured through the wreckage of a vehicle, in the aftermath of Israeli strikes on Beirut's southern suburbs, amid the ongoing hostilities between Hezbollah and Israeli forces, Lebanon November 26, 2024. REUTERS/Mohammed Yassin

Israel mounted waves of pounding airstrikes in Beirut on Tuesday as its security cabinet discussed a ceasefire deal in Lebanon with its Hezbollah foes that could take effect as soon as Wednesday.

A senior Israeli official and Lebanese caretaker Foreign Minister Abdallah Bou Habib appeared optimistic a deal could be reached, clearing the way for an end to a conflict that has killed thousands of people since it was ignited by the Gaza war last year.

Despite the possibility of an imminent diplomatic breakthrough, hostilities raged as Israel sharply ramped up its campaign of air strikes in Beirut and other parts of Lebanon, with health authorities reporting at least 18 killed.

Israeli warplanes launched repeated strikes across Beirut throughout Tuesday, mostly in the southern suburbs that are a stronghold for Iran-backed Hezbollah.

A single cluster of strikes in Beirut that Israel's military said included attacks on 20 targets in just 120 seconds killed at least seven people and injured 37, Lebanon's health ministry said.

Israel also gave advance notice for the first time of strikes in the central Beirut area, a significant escalation of its campaign in the capital that sparked panic among residents with some fleeing north.

Strikes also targeted Tyre, in the south, and Baalbek, in the east.

Israeli military spokesperson Avichay Adraee said the air force was conducting a "widespread attack" on Hezbollah targets across the city.

Hezbollah has kept up rocket fire into Israel and has previously said it would respond to attacks on central Beirut by firing rockets at Tel Aviv. Sirens sounded in northern Israel and the Israeli military said five projectiles were identified coming from Lebanon.

Hezbollah launched some 250 rockets on Sunday in one of its heaviest barrages yet. The northern Israeli city of Nahariya came under more rocket fire overnight.

‘Dangerous hours’

A Hezbollah parliament member in Lebanon, Hassan Fadlallah, said the country faced "dangerous, sensitive hours" during the wait for a possible ceasefire announcement.

With Israel's security cabinet meeting to discuss the deal, which a senior Israeli official had said was likely to be approved, Prime Minister Benjamin Netanyahu's office said he would speak on Tuesday evening at 8 pm (1800 GMT). A government official said the cabinet meeting had started.

Israeli approval of the deal would pave the way for a ceasefire declaration by US President Joe Biden and French President Emmanuel Macron, four senior Lebanese sources told Reuters on Monday.

The ceasefire could come into effect on Wednesday morning, triggering a 60-day truce, a Western diplomat said.

However, there was no indication that a truce in Lebanon would hasten a ceasefire and hostage-release deal in devastated Gaza, where Israel is battling Palestinian group Hamas.

The agreement requires Israeli troops to withdraw from south Lebanon and Lebanon's army to deploy in the region, officials say. Hezbollah would end its armed presence along the border south of the Litani River.

Bou Habib said the Lebanese army would be ready to have at least 5,000 troops deployed in southern Lebanon as Israeli troops withdraw, and that the United States could play a role in rebuilding infrastructure destroyed by Israeli strikes.

Israel demands effective UN enforcement of an eventual ceasefire with Lebanon and will show "zero tolerance" toward any infraction, Defense Minister Israel Katz said on Tuesday.